Sushi DAO agrees to implement a new corporate legal structure
Under this new arrangement, three new entities will be created: a Cayman Island-based DAO foundation, a Panamanian foundation, and a Panamanian corporation.
SushiSwap’s new DAO foundation will oversee the governance duties usually carried out by a typical DAO. These include administering the treasury, facilitating governance proposals, and on-chain voting, as well as distributing grants to recipients.
The Panamanian entities will oversee the protocol itself. According to a previous governance proposal, the Panamanian foundation will look after SushiSwap’s smart contracts while the Panamanian corporation will maintain the protocol’s front end. The governance proposal also stated that the Panamanian foundation will act as the parent company of the Panamanian corporation.
Discussion in the Sushi Forum.
Interesting. This means that such a DAO would no longer be seeking to be some new legal structure, but rather a new way of governing an existing structure; in this case a Cayman Island foundation.
Note also that this creates a "gap" between DAO votes and implementations, so we shall see whether we ever get a situation where the DAO votes on something that the trustees cannot, or wish not to, implement.
Yes, not a bad move to take action before its to late to do so in a dangerous situation ;)
And my favorite is in also, the Panamanian Foundation one of the best legal structures worldwide !